Project Accounting Checklist

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Project Accounting Checklist:

• Classify Project Costs (define expenditure categories);
• Classify Revenue Categories (income/financing that the project will receive or generate);
• Establish Project Ledgers to register income and costs;
• Regulate currencies to be used in project financial operations;
• Install a Project Accounting application of your choice (or a ERP system to operate resources of the whole organization);
• Define jobs that you need to maintain accounting on the project, and assign specific specialists (or outsource these functions to external contractors if advisable);
• Prepare conception and means for Project Billing (define rates, documents, software, etc);
• Manage time billing and a job costing (control billing of employees based on their hourly rates, types of work they do, etc);
• Control and maintain registering of Employee Expenses (salaries, benefits, taxation, etc);
• Control the client invoicing and billing: have a schedule of payment at hands and track how the customer is paying for the work done (a progressive payment schedule);
• Develop and implement Project Costing methods;
• Monitor the project execution in terms of expenses to control costs accumulation by categories;
• Account and calculate overhead expenses on all project tasks and operations (energy, rent, etc);
• Use budget worksheets to check compliance of costs accumulated against planned ones;
• Identify business credentials of suppliers and ensure financial interactions with them are enabled and monitored according to established contracts;
• Establish Purchase Order management according to Procurement Plan of the project;
• Ensure Purchase Orders specify dates, vendors, products, prices, quantities, and payment terms;
• Ensure receiving documents specify date received, quantity received, verify product and vendor;
• Register all Purchasing Invoices: file a purchase order with receiving document attached to each invoice and verified;
• Control project cash-flow and measure the profitability of contract;
• Register project Inventory transactions as items go into and out of the processes (account use of raw materials when they are warehoused, are to be delivered just-in-time, and utilized);
• Account for work-in-process and track inventory costs to consider how efficiently materials are transferred into tangible products;
• Highlight early the areas where costs seriously exceed estimates to apply rectification;
• Calculate and record depreciation of project assets as they work...

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